MARKETING FINANCIAL SERVICES

Marketing Financial Services

Marketing Financial Services

Introduction

The study is related to the marketing strategies of financial services companies. The study gives information on what product managers working in the financial services industry, may form the basis of their marketing plans. It describes developments in the marketing planning of the initial market research to financial service management and customer relationship building. It gives the basic concepts and a full range of marketing techniques to the consideration of each of them in the context of the marketing of financial services, besides it, the study will also discuss the example of the the London Capital Group in relation to the marketing of the financial services to the clients.

Discussion

Marketing Strategies of Financial Services Companies

The marketing strategies of the financial services companies are defined as the service as any activity that is financial service or product, benefit or satisfaction that is offered for sale. It is characterized by intangibility, inseparability, variability and perish - ability. Services are intangible; they cannot be soon tested, felt, heard or smelt before they are bought. Service providers can only improve their clients' confidence by increasing the services tangibility.

Financial services are inseparable from the financial services companies; they cannot be put on shelf and be bought by clients whenever needed. The financial services companies must be present. Financial services are variable; their qualities depend on the financial services companies, when and where they are provided. Finally, services cannot be stored and it gives them perish - ability features, but the perish - ability of financial services cannot be a problem when demand is steady thus is because it is easy to store the services in advance. When demand fluctuates, financial service firms have problems.

The financial services companies can be divided into two broad categories; banking services and corporate finance services. However, there is no hard and fast rule as to this division. Rather it is a question of choice to suit management and objectives, which of these pigeon holes a service falls into depends on the bank and nature of serves provided for client and considerable inter relationship of the financial services. For example, Whilst ICON (Merchant Bankers) classified project finance as a corporate finance service, NAL Merchant Bank Limited placed it under banking service (Anthony and Marcia, 2005, 14-16).

As competition from the Internet and the financial services firms' needles into the securities and investments industry, the financial services firms must fine-tune marketing strategies to develop business and draw in clients.

Direct marketing, like advertisements, fosters a key element for the financial services or products that is the name recognition. To make target the clients, the advertisements can be positioned in an assortment of regional business newspapers, trade publications or contracted in on a select group in niche newsletters. Aside from getting the name of the financial services firm in circulation, the advertisement promotes its value.

The advertisements for the financial services firms like the London Capital Group can establish integrity quickly, but the financial services firms also need ...